Hi Property JockeyMight I suggest you simply wander in to your local bank and have a chat about refinancing in order to buy an investment property.As TerryW has suggested, you may qualify for a few hundred Ks of extra loans.  Borrowing the limit to what the bank may offer is probably not a good idea, but yoinking $50 K or $100 K and using this…[Read more]

Such fantastic suggestions and constructive opinions by the wonderful community that is here !  Thankyou !.Wise words from TerryW  (and Ben, Luke, Dean and Doogs too).(Ben – I agree, the investor in me says "Never Sell", but watching a thumping big TV on a tropical island does have a certain appeal….)Crunching the individual numbers on each of m…[Read more]

Hi Ben and Dean,Thanks for your suggestions  Equity is not a problem.  Servicability, however, is the issue.Purely from a value of the IPs point of view, yes, I agree that holding them makes perfect sense.  In 10 years they will most likely be worth a heap more than they are now.Borrowing against them for the "wants" can also be done with some ef…[Read more]

Hi boshie,Please take my comments with a BIG grain of salt, this is not financial advice, disclaimer, disclaimer, seek independant professional advice, etc……Short Answer – yes, but….Long Answer – be VERY careful.Yes, you can (probably, depending on many things) refinance and borrow some of the equity you mention – perhaps in a Line of…[Read more]

It might be worth having a chat to a mortgage broker (or two).  As they deal with numerous financial institutions, they are in a good position to find "the best deal" – fees, interest rates, terms, etc.There are several brokers on this forum who are likely to offer their services…. maybe have a chat with someone here (check their signatures),…[Read more]

Or perhaps the Million Dollar Question proposed by David here in this post could be re-phrased in Shakespearean form: "To Fix or Not to Fix – that is the question".I am in the process of refinancing a loan or two that is (unfortunately) expiring from the fixing I did three years ago.  At the time, three years seemed like a lifetime.  Now, with th…[Read more]

Hi Annare,Perhaps this might be an opportunity for you to help educate the Property Manager ?You mention that Property Management is new to him / his agency.  Ray White have agencies all over the place, so the infrastructure, systems and support for the Property Management side of things is well and truely set up.  It is just a case of your a…[Read more]

Hi MissMolly,Buying a property – as either an investment or your first home – might be a good idea.   You have a sizeable chunk of cash that could be put to better use than just sitting in a bank account.  Your income is more than likely able to service a reasonable mortgage, even in Sydney.  If you are worried about interest rate rises – fix the…[Read more]

Hi Slippy / Sean,This is certainly not fincancial advice but…… (end disclaimer)…..Selling the unit to your wife is probably not the best idea – it will trigger capital gains tax, and you'd lose any depreciation / tax deductons that you claim if she does not have an income as such.Sounds like some budgeting may be necessary – are there any…[Read more]

Hi Panda,Suggestions:1.Get an official contract from somewhere – eg REIV, or even the local newsagent / bookstore , or better yet from your solicitor – and make sure both you and your vendor sign it.  Exactly like if a real estate agent was involved.  These are not very expensive, maybe a hundred dollars or so, if that. 2. As John has sug…[Read more]

Hi Ray,You should get it as soon after signing the contract as is practical – ie straight away, or at the latest the next day, and do not wait until settlement.  The "settlement period" is kind of a grey area in-so-far-as ownership is concerned.  It's not yours yet, but it will be, and while the vendors still have possession, they have e…[Read more]

Hi Dave,I agree with LA Aussie – read, read, then read some more.  Hang out on this site, and on the Jan Somers forum site as well.  Read some more.  Sign up for the e-newsletters from here – ie Steve McKnight – and Michael Yardney (metropole.com.au), and Margaret Lomas (destiny.com.au).Decide on a "strategy" – easier option is certainly "buy and…[Read more]

Hi Lukis,As already mentioned :"This offer is subject to Finance suitable to the purchaser"."This offer, unless withdrawn earlier, will lapse at 5pm on -insert date here-"In the example you have mentioned, I slo would strongly recommend checking out the Body Corp – meeting minutes, planned expenses (such  as fixing the pool), sinking fund status,…[Read more]

Hi Vibe,Books – Rich Dad Poor Dad, by Robert KiyosakiWebsites and eNewsletters – Jan Somers / Somersoft – http://www.somersoft.com/forums/Michael Yardney / Metropole – http://www.propertyupdate.com.au/Margaret Lomas / Destiny – https://www.destiny.net.au/vipregistration.aspxHans Jakobi / Real Estate Secrets – http://www.realestatesecrets.com.auAnd…[Read more]

Hi Danish83,"The correct structure" can also be likened to "how long is a piece of string ?"…..What is correct for you could be very different to someone else, and vice-versa.However, in my opinion, your suggestions are good ones.  In fact, my structure is similar to what you are proposing.Separate loan and security for each property as a stand…[Read more]

Hi Fishman,It probably all comes down to your own personal strategy.If you are of the "Positive Cash Flow Only" camp, then perhaps, at this asking price, you should leave it.Therefore, you could try to negotiate a better price, and if this can't be done then once again you should leave it.If however it is in an area that is likely to have e…[Read more]

Hi Hong,The old "Chicken or the egg" question eh ?I guess the answer to your question lies in what your plans are for the next few years… where are you going to live, what are you going to do, careers, studies, friends, partners, goals, lifestyle, etc.  At a guess, only you know the answer.Either way, I reckon you should buy something.How a…[Read more]

Hi Blogs,I'm with Jon and Elka on this one.The "leaving" brother needs to decide if he wants to continue to own half or not.  If yes, then he effectively becomes a landlord, and thus needs to both continue his share of the repayments and charge the "staying" brother rent.If no, then as Jon and Blueheeler have suggested, then valuations etc and a…[Read more]

Hi Somewhereoverthere,Depending on the relationship you have with your in-laws, it might be easier to go to your local bookshop and get a Do-It-Yourself Real Estate Sales Contract – and fill in the blanks.  They are usually in the same section of the bookshop as those DIY Will Kits….Or, you can get a Contract of Sale from the Real Estate…[Read more]

Hi Tatts,I subscribe to these email newsletters, and I think they are fantastic…Michael Yardney / Metropole – http://www.propertyupdate.com.au/Margaret Lomas / Destiny – https://www.destiny.net.au/vipregistration.aspxHans Jakobi / Real Estate Secrets – http://www.realestatesecrets.com.auAnd of course the Steve McKnight PropertyInvesting.com…[Read more]